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Strip gaming win at lowest level in four years
Justin M. Bowen / Sun file photo
Gaming Control Board numbers released today show the Strip’s gaming win fell for the 18th straight month.
Published Tuesday, Aug. 11, 2009 | 7:42 a.m.
Updated Tuesday, Aug. 11, 2009 | 10 a.m.
Sun Coverage
Beyond the Sun
CARSON CITY – The gross win in the 41 casinos on the Las Vegas Strip plummeted 14.7 percent in June, the 18th straight month of a decline.
“This is unprecedented both in length and depth,” says Bill Bible, director of the Nevada Resort Association. “There is a lack of disposable income.”
The state Gaming Control Board reported today that the Strip clubs won $5.6 billion in the last fiscal year that ended June 30th. That’s the lowest win in the last four years and it comes on top of a 1.5 percent decline in fiscal 2008.
The Strip now accounts for 52.4 percent of the total statewide win. Frank Streshley, chief of the tax and licensing for the board, said that’s down from a high of 53.4 percent of a year ago. And this comes despite opening of new casinos such as Wynn’s Encore.
The board said statewide gaming win, computed before taxes and business expenses, fell 13.7 percent to $10.7 billion in fiscal 2009. That’s the biggest percentage drop in history and compares to 1.9 percent in fiscal 2008.
Every gaming area in the state had a decline in business in June. The smallest drop was in North Las Vegas, which fell 2.9 percent. The highest decline occurred in Mesquite casinos, off 18.9 percent.
Bible said he had no idea when the long drought might end. “People are cautious,” he said.
For the fiscal year that ended June 30, the Strip casinos won $5.6 billion, down 15.2 percent. Winnings on the slot machines fell to $2.9 billion, off 14.3 percent. Every game recorded a downturn in revenue during fiscal 2009.
The board said 21 was off 14.9 percent during the last fiscal year; craps fell 17.9 percent; roulette was off 11.2 percent; baccarat dropped 14.8 percent and the sports pool was down 34.6 percent.
The board reported that last fiscal year, downtown Las Vegas casinos suffered an 11.7 percent decline; Laughlin fell 13.1 percent; the Boulder Strip declined 10 percent and the balance of Clark County was off 13.5 percent.
These figures, he said are “clear indications” that state government is going to face continued economic problems in the future. The board said it collected $45.6 million for June, a drop of $7.1 million or 13.4 percent from the same period a year ago.
The board said Washoe County casinos, which include Reno and Sparks, won $867.2 million last fiscal year, the lowest win reported in 15 years. It was off 12.9 percent in gaming win.
South Lake Tahoe clubs had a downturn of 17.4 percent for the last fiscal year; Elko County clubs fell 7.3 percent and the Carson Valley area dropped 9.8 percent.
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Looks like the budget forced through by the legislature is again OUT OF BALANCE. The crazy Govenor's plan to cut to reality looks like the proper plan after all
"Strip gaming win at lowest level in four years" => gambler's lowest losing level in four years?
Governments that monitor to skim gambling activities don't deserve to win.
Moral governments don't pimp vice.
When's the Luv Guv going to do something to get Nevada's economy back on track?
Governor Gibbons has done nothing to help us UNLVStud. He hasn't put forth a plan to deal with the loss of tax revenue. He hasn't put forth a plan to revitalize tourism. He hasn't put forth a plan to deal with the housing crisis.
Governor Gibbons is a lame duck by choice.
When will we face the hard fact that when revenues are down you must cut expenses? We may never see revenues return to prior levels. It is a problem faced by most businesses and households today. It is not rocket science.
what happens in detroit, stays in detroit.
Vegas is looking more and more like Atlantic City, nobody want to come for a visit and never see anytype of win out of a slot machine. They are going to have to change there payout chips in the slots. If they would put in a 97% chip more gamblers would enjoy coming out.
Nevada and Michigan rely to much on one source of income now that the economy is going south they is having a hard time adjusting.
thstokan- couldn't have said it better. owners are not gamblers, need to hire a few that can tell them whats wrong. sorry, i forgot these owners are genuises.
Up until last December, we visited Vegas twice a year. Why have we stopped coming to Vegas: no play on the slots. Sorry, I can experience the same thing in Oklahoma at the Indian casinos that are only an hour away from my doorstep.
But casino managers don't care about those "middle-aged" visitors who built Vegas--they want the whales and younger gamblers who play table games.
"disposable income"....lol, in other words las vegas is a waste!
2zero, you bring up a nice point. Vegas should find other ways and diversify. If there is enough disposable income and you have a difference between gambling in Vegas and buying some extra food....
Unless,they cap the oil giants kiss California disposable income goodbye for a long time.
Why even think about driving 350 (700) Round trip.
at $4.00 a gallon of gas. When the Indians do it better for less?
I think this is the bottom. Now the recovery begins. City Center will lead the way.
Well, Gee -
Thats the old saying when the house tells the players....CANT WIN EVERY DAY/WEEK/MONTH/YEAR.
The strip is pretty sad and way overbuilt nowadays...with daily different traffic patterns and bottleneck construction lane closures seem damn near like Hong Kong standards in comparison....
Most table games along the strip corrodor are $15 minimums during prime hours/days and slots are tighter than a virgins a$$ - the average joe and working class person have it figured out..
..there is not that spark lively atmosphere and fun attitude Las Vegas used to have along the strip years ago -
The good ol days are long gone, and a lot of people do not have the cash or budget to come to Las Vegas even if every strip property were to lower their table games to $2 minimums and offer much cheaper hotel rates.
There are still some great fun good atmosphere discount places within the Las Vegas area when it comes to gaming, just not along the majority places within the Las Vegas Strip.
"Disposable" income is right!
A graph would be nice--how did the casinos take perform in prior recessions?
Until they see the ways to their woes,there wont be any recovery,if any?Word is out on how tight this town has gotten,and it will take a very very good word back out again if and when the slots loosen up again!They brought vegas woes on themselves,and took alot of real life people with them!I have no simpithy for any of those greed happy pigs!
It used to be fun in Vegas. You knew you would most likely lose your money but you would be able to spend some time gaming...now it's like you might as well hand your money over at the door. You have a better chance to get hit by a jumper off the stratosphere than winning a jackpot now.
Hit a jackpot,hell id be happy just to hit a 4 of a kind!!!!
hey 5.6 billion sounds pretty good 2 me id b happy if my business was that profitable
just keep on raising the taxes and user fees
on tourist like the hotel tax and taxes & fees on car rentals.
That will encourage more tourist to come down
your way !
The word is out all over the country now. Putting your money in a Las Vegas slot is not gambling anymore. They don't pay out. This is nothing more then pure greed by the corporations.
Tourists are not going to come back without major changes in gaming policy. Or this town is dead.
check out this story about missouri casinos.
THEY seem to be doing just fine.
http://www.kmov.com/localnews/stories/km...
they are up 4%.
people have chosen not to come to vegas.
We live near the Missouri casinos (at least 6 near St. Louis). It pretty normal to play for hours at any one of them on $100 and sometimes leave ahead. From my experience at the Vegas strip casinos, it is not even fun. Like someone said earlier.. you should had them the money at the door and turn around and go home. The word is out here in the midwest that you should not play slots at vegas stip casinos. We will come back to Vegas when they change.
i just got back from 4days and 3nights and actually won on slots at NYNY, which i have never done before. i have been coming for over thirty years. there were other strip casino's that seemed looser or i was just luckier, than they have been for the past 5 years. drinks were easier to get than in the past and the help seemed more friendly. maybe there is a ray of hope within all of this madness. maybe Vegas will get back to what built it in the 1st place.
The Indians are scalping Vegas! Not to worry, they haven't got Goodman's Mob Museum. That's sure to restore the bottom line in Vegas. Think I'll head for Missouri.
true the indians are scalping vegas let me give you an example..I work close by three indian casinos...so on the way home stopped by by 4 times each time I had about $20 dollars plus the $15 they give me my grand total take for tthe month on my $80 was $310 now mind you I got lucky but I started betting 40cents a pull... each time I left with money the fifth time was not a charm...I lost $25 dollars but I'm telling you im not driving 350 miles to get raped ...the M was good last time but I spent 2 hours at the strip for the UFC fights and did nothing but loose....think i'm comming back to the strip? THE UFC is the only bright spot in Vegas
How many casino bosses do you think read this, they should everyone is telling the slots are to tight, and the table max are to high. If they would just change the payout chips in the slots to 96% or 97% pay-out they would start getting the slot players back. They would make the same profit because the slot players would sit on the lots for hours instead on minutes.